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19 May, 00:04

In June 2013, currency held by individuals and businesses was $1,124 billion; traveler's checks were $4 billion; checkable deposits owned by individuals and businesses were $1,402 billion; savings deposits were $6,884 billion; time deposits were $583 billion; and money market funds and other deposits were $647 billion. Calculate M1 and M2 in June 2013.

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  1. 19 May, 00:16
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    M1 $2,530 billion

    M2 $10,644 billion

    Explanation:

    M1 = Currency held + Travelers check + Checkable deposits

    = $ (1,124 + 4 + 1,402) billion = $2,530 billion

    M2 = M1 + Savings deposits + Time deposits + Money market funds

    = $ (2,530 + 6,884 + 583 + 647) billion = $10,644 billion
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